MasterCard Names Ajay Banga COO

MasterCard Incorporated (Purchase, N.Y.) appointed Ajay Banga president and COO, reporting to Robert Selander, currently president and CEO. Selander will continue to serve as CEO after Banga joins MasterCard on Aug. 31.

Banga is currently Citigroup's CEO of Citi Asia Pacific, responsible for all of Citi's business lines in the region, including credit cards and consumer banking, institutional banking, wealth management and alternative investments. He is also a member of the company's senior leadership and executive committees.

When Banga joins MasterCard, he will be responsible for key business operations, including global customer relationships in international and U.S. markets, products, services, marketing, technology and operations. The company's finance, human resources, and law and franchise integrity functions will continue to report to Selander.